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At a young age, Mike was involved in the gambling industry and made money through referral programs. After selling his first website, he ventured into different affiliate spaces, including the gold and silver industry. He invested in a business and quickly built up traffic, but their main affiliate program ended abruptly, leaving them with no revenue. However, Mike's partner suggested selling the products themselves, and with his help handling inventory and customer service, they turned the business into a success.
Despite setbacks, including the challenge of having an affiliate program shut down and the intense competition in the gold and silver industry, Mike and his partner were able to turn their website into a profitable e-commerce business. They marketed their products to their existing traffic and adjusted their strategies along the way to adapt to the changing market. Their hard work and willingness to take risks paid off, leading to significant success and financial gain.
Mike's success can be attributed to his drive, determination, and ability to think outside the box. He started as a young gambler and leveraged his entrepreneurial skills to build successful businesses in various affiliate spaces. Despite facing challenges and setbacks, he remained persistent in finding new opportunities to succeed. Mike's adaptability, resourcefulness, and commitment to achieving his goals have been key factors in his path to success.
Through his experiences, Mike learned the importance of perseverance, seizing opportunities, and surrounding himself with the right partners. He shared his journey, emphasizing the need to make informed decisions, trust one's instincts, and take calculated risks. As for the future, Mike is driven to continue growing and finding new ventures that align with his passion for entrepreneurship and success.
The podcast episode delves into the early days of starting a gold business, where the founders faced numerous challenges. They persevered through initial setbacks, such as a lack of office and dealing with fraudulent credit card orders. By constantly adapting and learning from mistakes, they eventually found success.
To compete in the gold industry, the founders realized that their best strategy was to undercut competitors on prices. Despite having fewer resources and a smaller selection, they were able to attract customers by offering more affordable prices. This tactic enabled them to start growing their revenue and gain a foothold in the market.
The founders faced significant financial challenges throughout their journey, such as experiencing a major credit card fraud incident and struggling to secure funding from banks and investors. However, they managed to navigate these difficulties by self-funding the business, negotiating a deal with an angel investor, and focusing on building the company's revenue.
Throughout their entrepreneurial journey, the founders maintained a long-term perspective and believed in the potential of their business. They emphasized the importance of thinking in five to ten-year increments and focusing on building something valuable over time, despite the challenges and ups and downs along the way.
Episode 397: Shaan Puri (@ShaanVP) talks with Kendall Saville and Michael Wittmeyer about their decision to buy Milk Road, their background in gambling affiliates, gold, and crypto, and much more.
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Show Notes:
(00:00) - Shaan's Intro
(04:30) - Why Michael and Kendall are under the radar
(13:30) - Stories of hacking SEO
(16:00) - Why Shaan decided to sell
(43:00) - How Michael and Kendall got into the gold business
(56:30) - Why you should compare yourself to your competitors
(01:01:30) - How Kendall's first business almost got him arrested
(01:05:45) - Life hacks
(01:12:30) - Business philosophies
(01:30:00) - Creating outlier outcomes
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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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Additional episodes you might enjoy:
• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
• #209 Gary Vaynerchuk - Why NFTS Are the Future
• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
• #218 - Why You Should Take a Think Week Like Bill Gates
• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
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